Unlimited Travel Group UTG AB said its third-quarter normalized net income came to 68 Swedish öre per share, a decline of 23.3% from 88 öre per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.0 million kronor, a decrease of 23.3% from 3.9 million kronor in the year-earlier period.

The normalized profit margin rose to 3.5% from 3.0% in the year-earlier period.

Total revenue declined 8.0% on an annual basis to 118.5 million kronor from 128.9 million kronor, and total operating expenses declined 7.0% on an annual basis to 113.0 million kronor from 121.5 million kronor.

Reported net income decreased 29.3% from the prior-year period to 3.3 million kronor, or 76 öre per share, from 4.7 million kronor, or 1.08 kronor per share.

As of Nov. 10, US$1 was equivalent to 8.71 Swedish kronor.